Hong Kong's legislature approved a contentious bill Thursday that makes it illegal to insult the Chinese national anthem.
The legislation was approved after pro-democracy opposition lawmakers tried to disrupt the vote. The bill was passed with 41 lawmakers voting for it and just one voting against. Most of the pro-democracy lawmakers boycotted the vote out of protest.
Those found guilty of intentionally abusing the "March of the Volunteers" face up to three years in prison and a fine of up to 50,000 Hong Kong dollars . The contentious debate over the bill comes after China's ceremonial national legislature formally approved a decision last week to enact a national security law for Hong Kong that could see Chinese security agents posted in the city.
HSBC said in a Chinese social media post that it "respects and supports all laws that stabilize Hong Kong's social order," while Standard Chartered said it believed the national security law would "help maintain the long-term economic and social stability of Hong Kong."
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